Economic Growth, Green Economy and Climate Change

Budget 2024 supports our industries and businesses, while continuing to prioritize environmental responsibility through a greener economy and climate change mitigation.

Supporting Business and Economic Development

Budget 2024 includes initiatives designed to position our business community for success, allocating funding for direct investments in businesses and organizations:

A reduction in the small business tax rate, effective January 1, 2024, from 3 per cent to 2.5 per cent on income tax payable. This will result in savings for approximately 6,200 small businesses.
Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development, and business growth activities.
$7 million for connectivity initiatives, including broadband and cellular, as part of government’s overall $25 million commitment.
$500,000 for Business Navigators to work with businesses to help make it easier to navigate government policies and improve business processes by addressing red tape.
$250,000 for the Research Inspired Student Enrichment (RISE) Awards for 20 Level ll high school students who demonstrate academic excellence in STEM subjects.
A 10 per cent Manufacturing and Processing Investment Tax Credit to enable the fishery, farming, forestry, manufacturing and production sectors to invest in equipment.

Investing in Energy Resources

Wind-hydrogen development, a clean and renewable energy option, will help create new jobs and further expand the provincial economy. As we transition
to Net Zero, our offshore oil and gas industry will continue to help meet global demand for lower carbon oil. Budget 2024 includes:

$13.7 million in funding for the Innovation and Business Development Fund.
$1.5 million to continue work on a natural gas resource assessment that will help identify the volume of gas within the offshore oil reservoirs in the Jeanne d’Arc Basin.

Investing in Mining

Critical minerals are an essential component of many renewable energy and clean technology applications and are a key component in the green and digital economy. Budget 2024 includes:

$2.6 million to support implementation of the Critical Minerals Strategy to enhance the province’s competitiveness and attract private investment.
$1.7 million for the Mineral Incentive Program, including $1.3 million for Junior Exploration Assistance.
$1.6 million annually for a Labrador-specific geoscience program that supports exploration in frontier regions.

Celebrating Film, Television, Arts and Culture

As we celebrate our cultural industries through the Year of the Arts, and the 75th Anniversary of Confederation, 2024 is shaping up to be an exciting year. To support the talented entrepreneurs and organizations that make a rich contribution to the provincial economy, and our communities, Budget 2024 includes:

$10 million for the Year of the Arts and the 75th Anniversary of Confederation initiatives.
$2 million to create a Cultural Facility Infrastructure Fund.
$1.1 million to support Come From Away’s second season in Gander.
Close to $400,000 for PictureNL in response to record growth in the film and television sector.

These new investments are in addition to such ongoing programs as:

The All-Spend Film and Video Production Tax Credit – a refundable corporate income tax credit available to eligible corporations at the rate of 40 per cent of eligible production costs, to a maximum tax credit of $10 million annually per project.
$10 million in continued support for the Film and Television Equity Investment program.
$5 million in funding for ArtsNL to support our province’s professional artists and arts organizations.
$3 million in Cultural Economic Development program funding.
$431,000 in funding for Heritage NL.

Addressing Environment and Climate Change

To help address climate change and ongoing work towards reducing the province’s carbon footprint, Budget 2024 includes:

$81.9 million to reduce greenhouse gas emissions, while addressing energy affordability including support to transition homes from oil to electric heat.
$11.5 million for the Green Transition Fund.
$1.5 million for flood risk mapping.
$1.1 million for electrical vehicle infrastructure.
$508,000 for an enhanced drinking water improvement initiative.
$650,000 for a permanent wastewater surveillance program.
A 20 per cent Green Technology Tax Credit to help businesses with specific capital costs for green activities, such as equipment for energy conservation and clean energy generation and the efficient use of fossil fuels.

Renewable Resources

Renewable resources such as fishing, forestry, and farming are traditional sectors in this province, and we are committed to managing these valuable resources sustainably and responsibly. Budget 2024 will help us deliver programs and services and build strong industries now and in the years to come. Budget 2024 includes:

$28 million for a variety of initiatives including wildland firefighting equipment, treating rising insect populations, and tree planting.
Close to $20 million for the agriculture sector and ongoing activities to improve food self-sufficiency.
$4.5 million for the Atlantic Fisheries Fund to help the seafood sector meet market demands for quality and sustainably-sourced products.
$3.5 million to help develop the aquaculture industry.
$3 million for the Association of Seafood Processors to market the industry.
$500,000 for each of the next two years to help build multi-species aquaculture.
$200,000 for the Seafood Development Program.